U.S. REITs have soared on a “torrid rally.” Though the momentum will slow, strong fundamentals should underpin the sector, which is also benefiting from negative interest overseas. “The economy’s seven-year recovery should sustain real estate demand.” Moreover, “banks’ conservative real estate-lending policies in the wake of massive losses during the financial crisis should continue to limit supply.”

“It is a race to take charge of the world’s largest city—a metropolis with a population more than half the size of the United Kingdom and with a GDP greater than all but 10 countries.” But the Tokyo Governor’s race is probing new lows with “mud slinging and misogyny,” as well as “events that some say highlights the worst of Japan’s male-dominated politics.”

“Since the 15th century the world has had six unofficial reserve currencies, starting with the Portuguese real. On average they have maintained their leading position for 94 years. The dollar succeeded the British pound 96 years ago, and it has no serious rival in sight.” Today, nearly 90% of global trades involve dollars and, worldwide, nearly two thirds of foreign currency reserves are held in dollars.

After the Democratic National Convention got off to a rough start, the party is reuniting, though tension remains. “Amid enduring dissent, some of the convention’s most successful moments so far have appealed to unity among people—including the kinds of people, like undocumented immigrants and the disabled, who have been targeted by Trump’s divisive rhetoric.”

“There is a welcome sense among the world’s policymakers—at least, those outside the UK—that life is returning to the pre-EU referendum normal. The tasks of the Fed and the BoJ are not easy, particularly for the latter. But at least the challenges and the risks involved are looking a great deal more familiar.”

“With a young population, an expanding middle class and one of Southeast Asia’s fastest-growing economies, Vietnam is an alluring market for Aeon, Takashimaya Co. and Seven & i Holdings Co. The reason: China is slowing and growth is flat-lining at home.”

“Clinton will, and should, use her acceptance speech to provide a vision of what she hopes to accomplish as president and to excoriate Trump for his extremism.” She must also “work hard to make voters trust her. She is a steady and serious candidate with a commanding grasp of the issues. Going beyond her usual perfunctory defensive responses is an important step toward winning voters to her side.”

Since the coup in Turkey, two things have become clear. “First, the people of Turkey showed great bravery in coming out onto the streets to confront the soldiers; hundreds died…. Opposition parties, no matter how much they may despise President Recep Tayyip Erdogan, united to denounce the assault on democracy. Better the flawed, Islamist-tinged strongman than the return of the generals for the fifth time since the 1960s. The second, more alarming conclusion is that Mr Erdogan is fast destroying the very democracy that the people defended with their lives.”

“What historical shift, what tremors in American culture, yielded up Mr. Trump’s moment from the depths of the national id? How did a braggadocious Manhattan billionaire with a history of dodgy business deals convince 13 million people feeling battered by a changing world that he is their solution?” Mr. Trump has “sought advantage by playing to disaffected people’s worst instincts, inventing scapegoats and conspiracy theories, waging and inciting vicious attacks on those who disagree with him. He is a poisonous messenger for a legitimate demand.” The Republican Party need to “dedicate itself to improving working people’s lives, instead of serving the elite.”